Tips To Refinancing Home Loans In Singapore

~ Posted on Tuesday, February 7, 2017 at 6:58 AM ~

Almost everyone in Singapore will need a mortgage loan to purchase a house. If you choose to buy a private property, you can only get a bank loan but if you buy a Housing and Development Board (HDB) property, you can choose between a HDB loan and bank loan.

Bank loans are structured in such a way that if you fail to refinance regularly, you will miss lots of cost savings and end up spending much more on your housing loan installment but most banks will not reveal this to you. Refinancing your home loan is a great way to refresh your finances to better suit your current lifestyle.

How bank loans work

 Each bank loan package has a spread applied to the interest rate. For example, if it is a SIBOR package, it will have something like sibor+0.8%. After several years, often 2-3 years, the spread increases to even 1.2 percent which is a significant amount on your regular loan installment. Unfortunately, most people do not realize that the rate they are paying currently is just temporary and any increase will make them pay additional hundreds or even thousands more dollars per month.

Advantages of refinancing

The major advantage of refinancing regardless of home equity is lowering the interest rate. Often, as people make advancement in their careers and continues to earn more money, they are able to pay their bills on time which in turn increases their credit score. The increased credit score comes with the ability to obtain loans at relatively low interest rates. A lower interest rate on home loan can have a significant effect on your monthly payments potentially helping you save hundreds of dollars every year.

Ignorance is the major risk of refinancing. Though refinancing can help you to make massive savings, without the basic knowledge, it can actually hurt you by increasing your interest rates instead of lowering them. Below are some tips on refinancing home loans in Singapore that will help you get the best deal at the most affordable price.

The best time to refinance

You should not wait until you notice an increase in your loan installment which happens after an increase in net interest rate spread to refinance. You can refinance even six months before the expiry of your lock in. This is because the minimum notice period for refinancing is three months which means if you wait until the lock in expires, you will be stuck with a high interest rate and increased monthly instalments for at least three months which will cost you thousands of dollars.

In most cases, it is best to refinance with the original lender though it is not a requirement. But for a bank, it is easier to keep a customer than acquire a new want, therefore, they will be willing to offer a better price for borrowers looking to refinance. So, you have a better chance of obtaining a better rate with your original lender.

The different variable rates to choose from

Home loan packages have both variable and fixed rates. The variable rates have different options to choose from which can be quite confusing. The three main types of variable rates include:
· Sibor/ SOR rate
· Bank’s board rate
· Fixed deposit mortgage rate

As mentioned above, home loans have a net interest rate spread. For the variable rates, it is attached to each of the above types. Therefore, it can either be sibor +0.8%, board rate+0.8% or fixed deposit mortgage rate+o.8%.

SIBOR and SOR rates are determined by the Association of Banks in Singapore and are published on financial mediums such as Bloomberg, Reuters and The Business Times. All banks follow the same sibor/sor rate but every financial crisis causes the rate to fluctuate quite badly. For example in 1987, sibor/sor rate was at 8 per cent, in 1998, it reduced to 7 per cent and further reduced to 4 per cent in 2007.

Of all the three types of variable rates, the Bank board is the most not transparent. The bank can change it anytime it pleases then inform you abruptly on the increase in the monthly instalments. There is no way to confirm this rate.

The fixed deposit mortgage rate is relatively new compared to sibor/sor rate or the bank board rate. Most people maybe led to think that this is fixed rate but it not. However, it is less volatile compared to sibor and bank board rate.

Fixed deposit mortgage rate is attached to the fixed deposit rate and is quite transparent as it is published on the website of the particular bank.

Fixed interest rates on home loans only last for a short period

If you choose a home loan with a fixed interest rate, you should know that the rate is not fixed forever. Refinancing regularly is the only way you are going to get a fixed interest rate for a longer term. Most fixed rates will only last for the first 3 years with a few extending to five years. After that, they are automatically converted to variable rates. Therefore, it is better to refinance regularly in order to get a fixed interest rate again.

HDB loan vs. Bank loan

The main reason why most people prefer HDB loans first is the down payment. Banks have an LTV (Loan to Value) ratio of 80% while HDB has a LTV of 90%. This means that if you are looking to buy a flat valued at $600,000, HDB will lend you up to 540,000 while the bank can only lend you $480,000.

However, HDB loan have a higher interest rate of 2.6 per cent which has not changed for a long time hence convenience if you are looking for more stability. The interest rate of bank loans on the other hand is determined by the bank spread as well as the index.

In most cases, the index used is SIBOR (Singapore Interbank Offered Rate). In rare cases, the bank can use SOR (Swap Offer Rate) which fluctuates depending on the strength of the dollar. You can also get an offer to use bank board rate in which the bank the decided what the rate will be.

Typically, the interest rate on bank’s home loan has been about 1.7-1.9% since 2008 meaning that people with private properties have paid lower rates than HDB borrowers for close to nine years. A lower interest rate translates to lower monthly instalments.

For this reason, you may want to switch from HDB loan to bank loan which is possible but you cannot switch back from a bank loan to a HDB loan.

Switching from HD loan to Bank loan is especially advisable if you are left with about 5-10 years to clear your loan as you do not have to worry much about the fluctuating interest rate since the loan will end soon.

The cost of refinancing your home loan

Refinancing is not free but the cost varies depending on individual circumstances. For example, if your loan amount if high, the bank can give cash subsidies or rebates to cover part of the fee. Some of the common refinance cost include:
· Application fees
This is the fee you are charged to when applying for the new home loan.

· Valuation fees
A valuation fee is charged by the new lender to cover the cost of valuing the property that you offering as security.

· Legal fees
You can also get charged an attorney fee for conducting the closing for lender.

· Land registration fees
These fee is charged to remove the existing mortgage from the previous lender and register the new mortgage to the new lender.

· Discharge fees
This is an administration fee paid to the current lender to clear the existing loan as well as prepare the existing documents.

· Ongoing fees
Some lenders may charge an ongoing fee which ranges from $0 -$750 per annum.

· Title insurance fee
Title insurance is intended to guard against any errors or problems with the transfer with title.

· Break fees
If you refinance your home loan during a fixed rate period, you will be hit with a contract break fee which compensates the current lender for any loss of profits due to your decision to break the contract. Break fee may or may not be charged depending on the existing interest rate movements.

In most cases subsidies and cash rebates can cover the refinancing cost leaving you to pay only a few hundred dollars. All the fee can also be paid by CPF if you have enough money in your ordinary account.

Product Review - Josh & Cherie Books

~ Posted on Monday, February 6, 2017 at 6:55 AM ~

I have been cutting down on doing product reviews towards the last quarter of year 2016 to prepare for our coming 4th kiddo who was born in early November 2016 and I am now slowly resuming doing product reviews but prioritizing those that can fit into our family dynamics (especially books on parenting or homeschooling stuff, family products, something along those genre)

However, as busy as I am with 4 kiddos, home cooking, taking care of hubby's administration site of the business and swamped up with managing my FB page and blog, I just can't say no to reviewing good books, what more one as unique as this! Reading is my passion and coupled with books that are of parenting, children, family or religion or educational genre, all the more I gotta say yes! 

I think the concept of monthly subscription boxes is picking up in Malaysia though it is quite a norm in overseas with all sorts of things that you can subscribe to monthly - books, arts and crafts stuff, cosmetic products, snacks and so on!

Extreme Colouring- Amazing World

Josh and Cherie Books

Description from the company:

"Josh & Cherie Books is a Singapore-based premium children book subscription for ages 0-7. Every month, we handpick 2-3 books (depending on your child's age group), gift-wrap it, and deliver it to your doorstep. We make reading exciting for children, convenient for parents, and affordable for everyone. "

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Soon after letting Cheryl (one of the founders) know about our kiddos age range, we received this gorgeous box, nicely packed, so exciting!!! It's like Christmas all over again! Love the cute note written inside the box! Special touch!

Josh and Cherie Books

We opened the box and found 3 books along with a cute little LED torch light to be used together with one of the books.

Josh and Cherie Books

Let's have a look at the books we received, shall we? We started off with the "On the Construction Site (Shine-A Light Books)" armed with the cute little LED torch light. Kiddos were all excited with this new concept of reading book hahahah!

Now to be honest, I wouldn't have known such book exist had we not have the opportunity to try out this book subscription. What a cool and fun way to get the kiddos interested! They each get a chance to hold the torchlight and shine it from the back of the pages and see what the shadow reveals. Very cool indeed!

Josh and Cherie Books

Even our almost 8-year-old boy got excited as well as he quickly answers my questions on what could be behind some pages. Rocks and stones underneath the ground, cabling behind the walls and more! Our girls (age 3 and 5) also look in awe as they admire the cablings behind the walls.

Josh and Cherie Books

I like that there are some pages explaining the different types of machinery shown in the book and our kiddos get to learn about them as well!

The next book we reviewed is 'Pandora' by the Victoria Turnbull. I personally love the cover of the book. Soft satin material and the illustrations is captivating as well as the beautiful storyline. The book is meant for children from age 4 to 7 but our 3 kiddos seem to enjoy the book and feeling sad and happy as we flipped through the book from beginning to end.

Josh and Cherie Books

The final book is meant for our littlest kiddo but he is a bit too young to fully appreciate this book yet, hence I will keep it until he is ready for it in a few months' time. The "Red Truck" board book by Kersten Hamilton is about the story of Red Truck saving a school bus from a mud puddle.

But seriously, I did try to let our almost 3 months old boy have a look. He was indeed captivated with the book, most probably because of the bright interesting colors hahaha...

Josh and Cherie Books

Overall, I think the idea of monthly book subscription is really nice.

Imagine feeling Christmas-sy every month, getting new books (without the headaches of picking and choosing suitable ones) and feeling the excitement and surprises as you opened your monthly box!

I am also impressed on the way the books are selected. Picture below is taken from Josh & Cherie Books website. You can clearly feel that they understand the type of books that suit children, right?

I also think this would also make a wonderful present to gift to your loved ones, imagine every month your loved ones are reminded of your blessings as they received their subscription box. Isn't it wonderful? A gift that keeps on giving :)

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You can find out more from

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I received no monetary compensation for this review, I was provided with a subscription box in order to facilitate my review. All opinions expressed in this post are my own. Please do your own research when purchasing products, as your opinions may differ from mine. And if you'd like to read my previous book reviews, you can do so by reading this post of mine called "My Book Reviews"

** Note: I have disabled the commenting feature on my blog engine thanks to all the spammers who happily spam my blog every day. If you wish to ask me any questions, you can find me at my Facebook page (I'm there almost every day) or just drop me an email if you wish to maintain some anonymity.
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Product Review - SensiTeeth Kids

~ Posted on Wednesday, January 11, 2017 at 2:12 PM ~

I have been cutting down on doing product reviews towards the last quarter of year 2016 to prepare for our coming 4th kiddo who was born in early November 2016 and I am now slowly resuming doing product reviews but prioritizing those that can fit into our family dynamics (especially books on parenting or homeschooling stuff, family products, something along those genre) When I received an email asking whether I would be interested to review a range of babies and children toothpaste from Europe, I had initially declined to prepare for coming baby but the client is very patient and willing to wait until things have settled down on our side, so here goes my review: 

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SensiTeeth Kids

About the company & products:

"SensiTeeth is a babies and children toothpaste from Europe and is distributed by AJ Research and Pharma in Malaysia.

The foundation of healthy permanent teeth in children is laid during the childhood period. Henceforth, it is essential to establish a proper and right oral hygiene product as a routine early in life to help ensure the development of strong and healthy teeth. Parents should be the key model to cultivate in their kids a good dental routine from young with clinically proven product- SensiTeeth Kids Oral Care.

There are 5 products in the range which are:

SensiTeeth Kids

1. SensiTeeth First Tooth Paste - First teething 6+months

2. SensiTeeth Kids Tooth Paste - Fluoride 500ppm and Calcium 3+ years old

3. SensiTeeth Kids Tooth Paste - 1000ppm fluoride, and calcium 6+ years

4. SensiTeeth Epismalto Tooth Paste-1450ppm Fluoride and Calcium 6+ years

5. SensiTeeth Kids Mouthwash-100ppm Fluoride and Calcium 3 + years"

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We received the following 5 products for our review. One thing that touched on my OCD side is the color of the toothpaste - as a mum of 4 kiddos, I would prefer if there are different colors for easier identification. I had to read and re-read the labels to make sure I'm giving the correct toothpaste to our kiddos, I do not notice the different tooth mascot pictures on the toothpaste until much later, maybe it is just me, but yeah, I would really appreciate different color scheme for different products hahahaha...

SensiTeeth Kids

Firstly, I like that the toothpaste came sealed with a thin foil for hygienic and safety purpose. It assures me that the toothpaste has not been tampered with and produced with utmost safety in mind.

SensiTeeth Kids

Moving on, I explained to our kiddos especially our older 2 (girl 5 years old and boy 7.5 years old) that mummy need them to try out a new toothpaste and to provide their honest feedback on how they feel after using it.

We started off with the SensiTeeth Kids Tooth Paste - Fluoride 500ppm and Calcium which I let our 2 girls try out (they are 3 years old and 5 years old) By 3 years old, children should be able to spit out the toothpaste after brushing. It is now that we as parents should introduce them the toothpaste with calcium-fluoride formulation, as fluoride helps to prevent and control tooth decay while calcium can help to grow stronger teeth.

SensiTeeth Kids Tooth Paste - Fluoride 500ppm and Calcium provides the appropriate amount of fluoride of only 500ppm for kids at 3 years old and above. It is specially designed for the youngest of mouths to get them used to the taste of toothpaste as well as coming in a baby-friendly blueberry flavor.

SensiTeeth Kids

Our 5-year-old girl was the first guinea pig for the night hahahaha... well only because she is straight-up honest and is very very picky and super sensitive to what goes into her mouth. She squeals when she realized the foam forming in her mouth as her current toothpaste does not do that at all, so this is a new experience for her. I asked her whether the toothpaste is sweet and she said no and continued brushing her teeth. She gargled and rinsed off and proceeded to tell me the toothpaste is okay for her and that she likes it.

Next guinea piggy in line is our 3-year-old girl who was the second picky person in our family. I dabbed on half a pea size of the same toothpaste that her elder sister just used. Up until today, she is still using one brand of toothpaste meant for 3 months to 2 years old because she just does not like the rest of the toothpaste I got for her. So, I took a deep breath and proceeded to brush our 3-year-old's teeth (she can brush her own teeth but it is not thorough so we prefer to do it for her at the moment)

She did not wail out like what she did with another toothpaste I purposely bought for her but stood still letting me brush on. Phewww... with a heavy sigh of relief, I continued brushing her teeth and she gargled and happily trotted off to join her sister in bed. For this girl of ours, her actions are louder than her words. The very fact that she did not flat out reject the toothpaste says a lotttttttttt already!

SensiTeeth Kids

Final guinea pig on toothpaste products for the night is our 7.5-year-old boy. I let him used the SensiTeeth Kids Tooth Paste - 1000ppm Fluoride and Calcium which is meant for children age 6+ years. This toothpaste is especially catering for the tooth transition phase which is when their milk tooth will have loosened and eventually fall off and replaced with permanent tooth.

SensiTeeth Kids

Our 7.5-year-old boy has used a couple of different toothpaste brands so far and he said the one he is trying out now smells good but does not taste sweet. He dabbed on some onto his electrical toothbrush and quickly brushed his teeth. He said the toothpaste is okay, not minty like the one he likes (which is sweet - yes, I tasted that too LOL)

SensiTeeth Kids

Now I must confess, boys being boys, they are like men with a few words. Hard to wriggle out more words from them at times, so as a concerned mum and this being a product review, I decided to try out the SensiTeeth Kids Tooth Paste - 1000ppm Fluoride and Calcium toothpaste. I dabbed on a big pea-sized toothpaste onto my toothbrush and noticed the strong strawberry smell. I brushed slowly, even tasted some to check whether the toothpaste is sweet or not - nope, they are NOT! To be frank, I am not used to this toothpaste as the one I'm using is minty and taste a bit sweet hahahaha... but okay, I guess no complaints from our kiddos means all is good!

Our last product to review is the SensiTeeth Kids Mouthwash-100ppm Fluoride and Calcium. Do you know that brushing alone only reaches 25% of your mouth? Hence, mouthwash that contains fluoride will provide an extra dose of cavity protection as well as reducing germs and plaque left behind after brushing.

SensiTeeth Kids

This mouthwash is meant for children 3 years old and above so I let our older 2 kiddos try out the mouthwash after they brushed their teeth. Just want to note that our kiddos have not been exposed to any mouthwash products prior to this review so this is a new experience for them. Picture shown below is our 5-year-old girl slowly gargling her mouth with the mouthwash. She giggled and was happy when I told her that her mouth smells good after she gargled with the mouthwash. She left the bathroom mouth wide open and I can hear her asking her little sister to smell her mouth LOL.

SensiTeeth Kids

As for our 7.5-year-old boy, he initially does not like the idea of gargling with the mouthwash until I told him that the mouthwash helps to reduce germs and plaque left behind after brushing. He promptly gargled and I heard a soft whine from him after he was done though I can see him running off to his sisters and asking them to smell his mouth hahahaha... I think this need more practice for them to get used to. I too gave the mouthwash a try after I brushed my teeth. It smells good and tasted sweet, making me gargled furiously after that. It left a lingering berry scent in my mouth after gargling. Not bad apart from the taste.

I would like to point out that we did not get to review 2 products at the moment of writing this review:

- The SensiTeeth Epismalto Tooth Paste-1450ppm Fluoride and Calcium which I will let our 7.5-year-old boy try out later as this toothpaste has higher fluoride content which can be used to prevent tooth decay as cavities is a popular disease among the children at 6 years of age and above as they start to drink or consume foods containing sugars.

- The SensiTeeth First Tooth Paste which I will let our 4th kiddo (currently 2 months old toothless hahahaha) try out when he starts teething. I am happy to know that this toothpaste is safe to swallow as it is not easy to look for one with this feature in the market and the one we currently use is a tad sweet (yes, I tasted them hahahaha)

Overall, an alternative to good oral care products for your kiddos and I love that there are different levels of fluoride and calcium to suit different age groups!

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The products are now available exclusively in Guardian and selected independent pharmacies.

I'm a full-time mummy

Do note that I received no monetary compensation for this review, I was provided with the products in order to facilitate my review. All opinions expressed in this post are my own. Please do your own research when purchasing products, as your opinions may differ from mine.

** Note: I have disabled the commenting feature on my blog engine thanks to all the spammers who happily spam my blog every day. If you wish to ask me any questions, you can find me at my Facebook page (I'm there almost every day) or just drop me an email if you wish to maintain some anonymity.
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